Tesla stock is worth $3,000: Ark Invest’s Cathie Wood

Cathie Wood TESLA

Despite the coming avalanche of electric vehicles from Ford, General Motors and Toyota, famed investor Cathie Wood is staying very bullish on one of her long-time favorite companies — Tesla (TSLA).

The founder, CEO and CIO of Ark Invest said in an exclusive interview with Yahoo Finance Live on Friday that her base case on Tesla is $3,000 a share.

“Our estimate for Tesla’s success has gone up. The main reason for that is their market share. Instead of going down from year-end 2017 to today, it has actually gone up fairly dramatically,” Wood explained.

Tesla remains a top holding in several of Wood’s closely followed innovation focused ETFs. The firm’s flagship ARK Innovation ETF, for example, counts Tesla as its top holding at 10.49% of the ETF’s holdings.

Wood added that the new EVs from the more established automakers only validate Tesla’s strategy. Moreover, Wood struck a bullish tone on the market potential for EVs in China.

Tesla stock closed up 0.19% at $733.75 Friday.

News source

“If you liked the article, share it in ...”